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NEW YORK ( TheStreet) -- "The hedge funds are too eager to abandon their conviction," Jim Cramer told the viewers of his "Mad Money" TV show Monday, but individual investors shouldn't be.

Cramer said investors can use a prism to determine which stocks are worth holding onto and which ones aren't.

In a world with rising fuel and commodity prices, Cramer said the simple metric to look for is whether a company has pricing power, and can pass these rising costs onto its customers. Companies with this power win, while those that don't, lose. Cramer said investors need to use this metric in their buying and selling decisions, and not follow the lead of hedge funds whose decisions change on the latest headline.

Among the companies that work are names Eaton ( ETN), Honeywell ( HON) and Boeing ( BA), a stock which Cramer owns for his charitable trust, Action Alerts PLUS . Cramer said these companies make products that can't be replicated, which gives them pricing power.

The same logic extends to companies like Joy Global ( JOYG) and Caterpillar ( CAT), another Action Alerts PLUS name, said Cramer, along with those in the energy group like Halliburton ( HAL), Nabors ( NBR) and Schlumberger ( SLB).

Among the losers, restaurants and brand name consumer goods. Cramer said unless a restaurant has a unique concept, like Chipotle Mexican Grill ( CMG), its growth will be squeezed.

And names like Perrigo ( PRGO) and Ralcorp ( RAH) that offer cheaper alternatives to brand name consumer goods will survive in the consumer space.

There is not substitute for Hain Celestial ( HAIN) and their all natural products, said Cramer, nor a substitute for Whole Foods ( WMFI) for those set on eating healthy.

Using the prism of pricing power, Cramer said investors will be able to easily see the winners in this market.

Energy Renaissance

In a special interview, Cramer spoke with Senator John Hoeven, R-N.D. about his state's rise to the fourth largest oil producing state in the country and one that's doubled its natural gas output since 2006.

Hoeven said North Dakota developed a comprehensive energy plan 10 years ago that emphasized the development of all the state's natural resources, both traditional and renewable.

He said the fruits of that plan can now be seen, with North Dakota not only producing a lot more oil and gas, but also its ability to generate power for nine states as well as it being one of the largest wind power states.

As a result of his state's energy renaissance, Hoeven said North Dakota is open for business and looking for workers. He said the state's biggest challenge is building the infrastructure needed to handle the influx of development. Hoeven pointed to North Dakota's public private partnerships as creating tremendous opportunities for businesses of all types.

When asked about the environmental impact from more drilling as concerns over waste water continue to permeate the media, Hoeven said that in North Dakota waste water is pumped right back into the well where it came from in an environmentally friendly way. He said the technology exists to drill responsibly.

Cramer called his interview with Hoeven uplifting, saying that there may be hope for American energy independence after all.

Fast Growing Markets

In the "Executive Decision" segment, Cramer spoke with Jeff Bradley, CEO of Globe Specialty Metals ( GSM), a company that's the No. 1 producer of silicone in America and No. 2 in the Western world. Globe Specialty Metals just delivered a two-cent-a-share earnings beat and shares have tripled since Cramer first got behind the company.

Bradley said that Globe sells into a number of fast growing markets, including the solar, aluminum and silicone industries. He said with new plants taking five to six years to bring online, the current market is simply supply and demand leading to higher prices and profits for Globe.

Bradley explained that the product Globe produces is used to add strength and cast-ability to aluminum, and is the raw material other companies use to make pure silicone for solar panels and semiconductors. It's also an ingredient in the production of steel.

Bradley went on further to highlight his company's newest plant in Iceland, a land rich with abundant, low-cost energy, which is one of Globe's main input costs. He said the new plant will be a lowest cost producing plant in Europe, and will supply both that continent and Asia.

Finally, when asked about Globe's American operations, Bradley stated without hesitation that America is a great place to operate, and his company is proud to employ some 900 workers with high paying union jobs.

Cramer continued his recommendation of Globe Specialty Metals.

Following Up Stocks

In a "Homework" segment, Cramer followed up on a few stocks that stumped him in earlier shows.

Cramer said that United Stationers ( USTR), an office supply distributor, is an interesting story, and one that's benefiting from the economic recovery. But, he added, the company will also suffer from higher fuel and commodity prices, so he would not be a buyer, especially after such a big gain in the stock.

Cramer said that Ironwood ( IRWD), a development stage biotech company, is also not on his recommended list. He said that Ironwood, which has no revenues and no products, is playing the FDA lottery, banking on drug approvals that may, or may not, ever materialize. "I don't like the risk reward on this one," he concluded.

Finally, Cramer said that Navios Maritime Partners ( NMM), which operates 12 ships that transport grain, iron and coal among other things is one more company that he cannot recommend.

Cramer said while the company's 8.6% yield is safe for now, there are still way too many ships available for current global demand. He would stay away from Navios, and its parent Navios Maritime Holdings ( NM).

Lightning Round

Cramer was bullish on Chico's ( CHS), CONSOL Energy ( CNX), Peabody Energy ( BTU), Walter Industries ( WLT), Acuity Brands Inc ( AYI), Riverbed Technologies ( RVBD) and CIENA ( CIEN).

He was bearish on Cameco ( CCJ) and Sonus Networks ( SONS).

Closing Comments

In his "No Huddle Offense" segment, Cramer sounded off against the critics who accused Jeff Lunsford, CEO of Limelight Networks ( LLNW), of using "Mad Money" to pump up his stock so that he could issue a secondary offering of stock.

Cramer said secondary offerings are always part of the equation with growing companies, which is why Cramer asked Lunsford about the possibility when he last appeared on "Mad Money" on Feb 14. Cramer noted that Lunsford acknowledged the possibility of a secondary at that time, and even with today's loss in the stock, investors who got in then are still up 7.6% in two weeks.

"If you like a stock, buy it; if you don't, sell it," said Cramer, who also said he's worried about companies with amateur investor bases that are in it for a quick buck and are skittish on any negative news. "Did the CEO do anything wrong? No," he said "Are CEO's allowed to talk positively about their companies? Of course, they are." he said.

--Written by Scott Rutt in Washington, D.C.

To contact the writer of this article, click here: Scott Rutt.

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To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.

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For more of Cramer's insights during the Lightning Round, click here .
At the time of publication, Cramer was long Boeing, Caterpillar.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither TheStreet.com, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or TheStreet.com is related to the specific opinions expressed by him on "Mad Money."

None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, TheStreet.com or CNBC that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the program. Mr. Cramer's past results are not necessarily indicative of future performance. Neither Mr. Cramer, nor TheStreet.com, nor CNBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the program. The strategy or investments discussed may fluctuate in price or value and you may get back less than you invested. Before acting on any information contained in the program, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.

Some of the stocks mentioned by Mr. Cramer on "Mad Money" are held in Mr. Cramer's Action Alerts PLUS Portfolio. When that is the case, appropriate disclosure is made on the program and in the "Mad Money" recap available on TheStreet.com. The Action Alerts PLUS Portfolio contains all of Mr. Cramer's personal investments in publicly-traded equity securities only, and does not include any mutual fund holdings or other institutionally managed assets, private equity investments, or his holdings in TheStreet.com, Inc. Since March 2005, the Action Alerts PLUS Portfolio has been held by a Trust, the realized profits from which have been pledged to charity. Mr. Cramer retains full investment discretion with respect to all securities contained in the Trust. Mr. Cramer is subject to certain trading restrictions, and must hold all securities in the Action Alerts PLUS Portfolio for at least one month, and is not permitted to buy or sell any security he has spoken about on television or on his radio program for five days following the broadcast.

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